Posted by James Strange on July 09, 2003 at 19:15:00:
You should be able to get a HML for 65% of the appraised value. For that you will need two things the most important is a plan to show how you will repay the loan.
Need Financing Info on Hot Deal - Posted by Elizabeth
Posted by Elizabeth on July 09, 2003 at 17:25:53:
Hi, I’ve been reading these postings for a while, and now I need help.
I have a great deal which fell into my lap. A woman I know just wants to give me her property. She’s had 3 bankruptcies to stop the foreclosure sale, the last case dismissed (bankruptcy is my speciality by the way so there’s no question that I understand the process involved). Let me also state here that this woman is not my client. Anyway, she doesn’t want any money from me, just wants out. She owes about $160,000 on existing mortgage. I had a local realtor I know do a market analysis & the property came back valued at $250,000. I know I can cram down the payoff figure & get the lender to take less approx $120K and, even after expenses, can cash out a significant chunk on this deal.
I’m meeting tomorrow with the owner and she will sign over the deed to me which I will immediately have recorded at the county clerk’s office.
The problem is this: My personal credit sucks and altho I know mortgage brokers, the truth is that noone will give me a mortgage based on my credit history.
So, how do I finance this purchase very quickly, keeping in mind my credit, and cashout the profit for myself. I know investors who will pay me $5K if I turn over good deals to them. But I keep asking myself, why should I take $5K when I know I can make $50K or more out of this deal.
By the way I have the CS course, think it’s great and believe that like anything in life, if you don’t keep trying, you’ll never if you can succeed.
Any response, help, suggestions would be appreciated, especially since I have to close very quickly. This is my first deal.
Thanks.
Re: Need Financing Info on Hot Deal - Posted by Lee
Posted by Lee on July 10, 2003 at 24:23:32:
Why don’t you just market it for sale by owner for 230k for a quick sale? Depends on how long the foreclosure process takes you might have time to actually market it and sell it. Otherwise do as James has stated, get a hard money loan for 65% ltv to buy the house and then market it. Otherwise, find someone with the money and split the profits? You’ve got options and money, it’s time that you don’t have.
Lee